Integrated Smart Traffic Management System Market: Current Analysis and Forecast (2022-2028)
$3999 – $7577
Emphasis on Offering (Traffic Monitoring, Traffic Control, Information Provision); Service (Deployment & Integration, Training & Consulting, Support & Maintenance); Hardware (Display Boards, Sensors, Surveillance Cameras, Smart Traffic Lights, Interface Boards, Others); Application (Freeway Management, Electronic Toll Management, Tunnel Management, Road Safety & Security, Parking Management, Others); and Region
The Integrated Smart Traffic Management System Market is predicted to grow at a CAGR of 13.82% during the forecast period. Fundamental features of designing a smart traffic control system consist of linking traffic signals and traffic control centers with Geographic Information System (GIS) enabled digital road map of the town using the intelligent computational power of data analytics as a key module. In this context, the basic challenge lies in the usage of real-time analytics on online traffic information and correctly applying it to some basic traffic flow. Data analytics tools take data from the Traffic Management System and using GIS mapping under real-time support they provide useful information to the drivers in the vehicles and help reduce the traffic congestion. Additionally, basic tourist information such as visiting places, parking areas, and distance are also projected on a real-time basis on large digital screens installed at city center entrance points to guide the drivers towards their destination. This helps to save fuel and finally to save a lot of time spent in searching various visiting places. The smart living style in metro cities is also fulfilled as the environment becomes pollution free and more hygienic. Increasing traffic congestion coupled with improved technology, funding constraints, and increasing environmental consciousness has provided an impetus to develop cost effective systems aimed at improving the efficiency and effectiveness of the transportation system.
Insights Presented in the Report
“Amongst offering, traffic monitoring category held prominent market share in 2021”
The market on the basis of offering is bifurcated into Traffic Monitoring, Traffic Control, and Information Provision. In 2021, among these the Traffic Monitoring segment accounted for the largest share, Traffic Control segment is expected to witness the highest CAGR growth of 16.90% during the forecast period. Traffic monitoring helps divert traffic away from busy or dangerous areas, preventing traffic jams and also reducing the risk of collisions.
“Amongst service, deployment & integration category held prominent market share in 2021”
Based on Service Type, the global Integrated Smart Traffic Control System Market is segmented into Deployment & Integration, Training & Consulting, and Support & Maintenance. In 2021, Deployment & Integration occupied the largest share and is expected to maintain its dominance throughout the forecast period 2022-2028 owing to the increased installation of the smart traffic control system in traffic management infrastructure. In present-day times, the number of vehicles has increased drastically, but in contrast, the capabilities of our roads and transportation systems still remain underdeveloped and as a result, fail to cope with this upsurge in the number of vehicles. As a consequence, traffic jamming, road accidents, increase in pollution levels are some of the common traits that can be observed in our new age cities. With the emergence of the Internet of Things and its applicability in Smart Cities, creates a perfect platform for addressing traffic-related issues, thus leading to the establishment of Integrated smart traffic control systems.
“Amongst hardware, surveillance camera category held prominent market share in 2021”
Globally, a need was felt to develop an Integrated Smart Traffic Control System, which would aim at improving the efficiency and effectiveness of the traffic system on the roads. The primary goal of this system is to utilize information technology to modernize key functions of traffic management, Traffic control, Traffic Law enforcement, and traffic information dissemination in the city to build a safer city with smooth traffic flow and informed road users. The main aim of traffic engineering is on planning, designing, and implement the transportation network and traffic control systems, in order to have smooth and efficient transportation and services.
“Amongst application, electronic toll collection system category held prominent market share in 2021”
Smart traffic systems are a revolution because they can have a dramatic effect on traffic flow and congestion at a small fraction of the cost of building a new road. More importantly, they address the root of the problem, regulating traffic patterns, improving public transport, and effectively balancing private and public transportation. Rather than just adding more capacity, while traffic volumes grow unchecked, smart traffic systems can reduce and contain the traffic problem. They can improve quality of life, reduce pollution, and even save lives, reducing the number of accidents by providing real-time information to drivers and helping cities regulate traffic on busy roads and intersections.
“America is expected to grow at a robust growth rate during the forecast period”
On average, Americans lost 99 hours a year due to congestion, costing them nearly $88 billion in 2019, an average of $1,377 per year. Lukas Neckermann, author of “Smart Cities, Smart Mobility,” states that traffic has created the “economic impetus for a mobility revolution, a logistical impetus to create change in our cities, but we also have a public health crisis, a public health impetus for a mobility revolution.” The issue of safety, along with shocking statistics on road crashes and the rise of distracted driving, have also prompted action. California state with some of the worst traffic-ridden freeways in all of the U.S. According to the Bay Area’s Metropolitan Transportation Commission, traffic on major San Francisco-area freeways has increased by 80% just since 2010. California is just one example. Minnesota is seeing similar statistics with the Twin Cities expecting roadways to be jammed 30% of the time in the next 10 years. Plus, more and more major tech companies are taking their headquarters out of the suburbs and into cities to give their employees an urban lifestyle. The sudden growth in these cities, however, has turned the “traffic headache” into the “traffic migraine.” The use of an integrated smart traffic control system has come out to be the best available solution to the traffic woes in the country. Columbus, Ohio, for example, has begun to collect traffic data to identify and address safety issues before they become issues e.g., identifying collision hotspots on the city’s streets and detecting potential signal issues.
Some of the major players operating in the market include Kapsch Traffic Com AG, Iteris, Inc., Cisco Systems, Inc., Thales Group, Cubic Corporation, TomTom NV, Siemens AG, EFKON GmbH, SWARCO Inc., and IBM Corporation among others.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive country-level analysis of the industry
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|1.4.||Currency used in Report|
|2.1.||Research Process of the Integrated Smart Traffic Management Systems Market|
|2.2.||Research Methodology of the Integrated Smart Traffic Management Systems Market|
|2.5.||Main Objective of the Integrated Smart Traffic Management Systems Market Study|
|5||IMPACT OF COVID-19 ON THE INTEGRATED SMART TRAFFIC MANAGEMENT SYSTEMS MARKET|
|6||INTEGRATED SMART TRAFFIC MANAGEMENT SYSTEMS MARKET REVENUE (USD BN), 2019-2027F|
|8.1.||Deployment & Integration|
|8.2.||Training & Consulting|
|8.3.||Support & Maintenance|
|9.5.||Smart Traffic Lights|
|10.2.||Electronic Toll Management|
|10.4.||Road Safety & Security|
|11.1.||NORTH AMERICA INTEGRATED SMART TRAFFIC CONTROL SYSTEM MARKET|
|11.2.||EUROPE INTEGRATED SMART TRAFFIC CONTROL SYSTEM MARKET|
|11.3.||ASIA-PACIFIC INTEGRATED SMART TRAFFIC CONTROL SYSTEM MARKET|
|11.4.||LATIN AMERICA INTEGRATED SMART TRAFFIC MANAGEMENT SYSTEMS MARKET|
|11.5.||MIDDLE-EAST & AFRICA INTEGRATED SMART TRAFFIC MANAGEMENT SYSTEMS MARKET|
|13||INTEGRATED SMART TRAFFIC MANAGEMENT SYSTEMS MARKET OPPORTUNITIES|
|14||INTEGRATED SMART TRAFFIC MANAGEMENT SYSTEMS MARKET TRENDS|
|15.1.||Demand Side Analysis|
|15.2.||Supply Side Analysis|
|16||VALUE CHAIN ANALYSIS|
|17.1.1.||Company Shares, by Revenue|
|18.1.||Kapsch Traffic Com AG|
|18.3.||Cisco Systems, Inc.|
Analyzing the historical market, estimating the current market, and forecasting the future market of the integrated smart traffic management system, three major steps are undertaken to create and analyze its adoption across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the integrated smart traffic management system industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of integrated smart traffic management system through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the integrated smart traffic management system market, we conducted a detailed secondary analysis to gather current market insights and share for different segments & sub-segments for major regions. The major segment is included in the report by offering, service, hardware, and application. Further regional and country-level analyses were conducted to evaluate the overall adoption of satellite transponders globally.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the integrated smart traffic management system. Further, we conducted factor analysis using dependent and independent variables such as the ability to process large amounts of data with speed and digitalization. A thorough analysis was conducted for demand and supply-side scenarios considering an increasing investment, top partnerships, mergers and acquisitions, business expansion, and product launches in the integrated smart traffic management system industry.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global integrated smart traffic management system market, and market shares of each segment. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the bottom-up approach were applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of integrated smart traffic management system across the major markets
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the integrated smart traffic management system market. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants by Stakeholders and Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global integrated smart traffic management system market. Data was split into several segments & sub-segments post studying various parameters and trends in the area of offering, service, hardware, and application.
The main objective of the Integrated Smart Traffic Management System Market study
The current & future market trends of global integrated smart traffic management system were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of integrated smart traffic management system in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segment in the study include the area of offering, service, hardware, and application
- Defined analysis of the regulatory framework for the integrated smart traffic management system industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of integrated smart traffic management system for the major countries
- Major regions/countries analyzed in the report include North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World
- Company profiles of the integrated smart traffic management system market players and the growth strategies adopted by them to sustain in the growing market
Deep dive country-level analysis of the industry